Insurance companies have witnessed a shift in their work methods, which had already begun to adapt with the digital transformation and then underwent a complete change due to the COVID-19 pandemic. Many processes that once took place in person, such as the acquisition of products or the identification of new customers, had to be moved online and one of the most frequently used tools for digital onboarding and signing policies has been the electronic signature.

Practices you should consider in the customer onboarding process

The digital transformation of the insurance industry has been evolving for years and companies are continually looking for ways to innovate and adapt to the needs of digital customers. The digital onboarding process is one of the most critical for insurers, which is why there are several practices that should be considered:

  • Place your customers at the centre of your business and use digital resources to attract them. The customer must always be at the centre of any action you take. The idea is not for the customer to have to look for an insurance policy and read endless texts with terms that they don’t understand, but rather you should be asking them questions that lead them to the product that best suits their needs, utilising digital resources to generate trust and engage with the customer such as social media or mobile applications.
  • Create positive digital experiences. Customers are more selective and are better informed, so not only do we need to interact with them through digital means, but we need to ensure they have a positive experience. That is, if they use your website or your app, they should be able to use them easily and without having to jump through too many hoops.
  • Use an electronic signature. As we said before, the electronic signature is a main piece that can be used by insurance companies in many ways, such as for signing policies, annexes and processing claims, among other uses.
  • Identify the customer remotely. For a long time, insurance companies identified customers by having the customer come into the company’s offices. However, modern technology allows the identification processes to be carried out completely digitally. In this sense, it is possible to carry out the identification process through a videoconference in which the customer is identified in less than 60 seconds. The customer simply shows the front and back of their identity document and takes a selfie. Artificial intelligence compares the photo on the document with the selfie and proceeds to verify their identity.

Why should you use electronic signatures in onboarding process and other insurance processes?

The implementation of digital onboarding in insurance companies involves the digital transformation of the customer journey. The electronic signature is a key piece both in digital onboarding and in other processes. Let’s see why:

  • It is a very easy solution to implement, there is nothing that needs to be installed or any application to be downloaded and you pay for what you use.
  • The process is faster, which increases customer and employee satisfaction, since less time is invested and paperwork is not required.
  • The electronic signature can be implemented progressively, meaning it’s initially used for the signing of contracts and, later, its use is extended to the signing of policy annexes, claims or cancellations of insurance.
  • The entire process can be monitored so that you can always know who has signed, who hasn’t, and reminders can be scheduled.
  • The electronic signature is fully valid and is recognised by numerous international regulations such as the eIDAS Regulation in Europe. Therefore, it can be used as valid evidence in court proceedings.
  • Finally, the electronic signature will contribute to promoting the corporate social responsibility of the insurance companies that use it since it favours a reduction in the use of paper as well as energy savings (there is no need to travel and no documents are printed).

How does digital onboarding work in insurance companies?

Digital onboarding is very simple, you only have the take the following steps:

  • To sign insurance policies, you must proceed to identify your customer, for which you will start a live video with them.
  • Your customer must show the camera the front and back of their identity document (Passport, NIE or identity card)
  • Next, the customer will take a selfie.
  • Artificial intelligence will analyse the features of their face in the selfie and those that appear in the photo on the identity document and will assess whether the identification can be verified.
  • Everything is now ready to proceed with the electronic signing of the insurance policy.

As you have been able to see, the electronic signature is one more element in the digital onboarding process and other insurance processes. The need to set yourself apart and adapt to the customer has led insurance companies to continually evolve and implement innovative technologies that help with electronic contracting, among other processes.

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